View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at http://www.stevequeen.com. I specialize in Short Sales.
Steve Queen Real Estate Professional
Exit Realty 200K Yearly Club
Prince Georges County Silver Award Winner
Prince Georges County Distinguished Sales Club Member
Cell (202) 367-4348
Office (301) 459-5040
Fax (301) 576-4599
View Properties Here: http://www.stevequeen.com
Much success to you
This could easily be a wrong entry on behalf of the listing agent. I do a few short sales a month and am not aware of a kick out clause that could play a role in the transaction. The 3rd party approval contingency is a regular in these deals. This means that the current buyer gave the seller until 1-31 to get 3rd party approval. If the seller does not provide proof of approval by that date, the buyer could technically walk and get the deposit back. It is not uncommon, however, for the buyer to extend that contingency period depending on the progress of the process and the underlying deal that they believe he/she is getting.
Your next steps should be to have your agent get a hold of the listing agent and ask some questions on the status of the negotiations with the lender and the status of current offer. Believe it or not, but the information that you're looking at might not be very accurate as some listing agents do not update it timely.
Based on the answers that your agent receives, you should plan out a course.
If you're working without an agent, please stop! Short sales are not even close to being an easy transaction and it is very easy to lose time and money without propert representation. As a Certified Distressed Property Expert I am trained to deal with short sales when representing both buyers and sellers. Do not hesitate to contact me if you have additional questions.
Vladimir Kats, MBA, CDPE